trending Market Intelligence /marketintelligence/en/news-insights/trending/PD8Xb7iadifAbZnEeO25Gw2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Shanta Gold secures US$10M loan for Singida gold project

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Video

COVID-19 Impact & Recovery: Metals and Mining Outlook for H2 2021

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Mining M&A in 2020 — Deal activity bounces back in H2 after disrupted H1


Shanta Gold secures US$10M loan for Singida gold project

Shanta Gold Ltd. unit Singida Resources PLC entered into a nonbinding term sheet with an East African conglomerate for an unsecured loan facility of US$10 million.

The facility is conditional on the company raising at least US$15 million in its planned IPO on the Dar es Salaam Stock Exchange in Tanzania.

The company will make repayments over three years from cash flows generated by the Singida gold project in Tanzania. The loan bears an annual interest rate of 10%.

Shanta Gold said Aug. 7 that it expects to retain at least 51% ownership of Singida following the IPO and will operate the project, which recently received an environmental impact assessment certificate.

In late March, Singida Resources announced a targeted US$20 million minimum equity offering via an IPO on the Dar es Salaam Stock Exchange.

The IPO proceeds will finance the initial capital required to bring Singida into production and exploration focused on resource expansion.